10,000 units of The Charles were processed to completion at a cost of £50,000. The Charles sells for £12.5 per unit. In addition to the 10,000 units of The Charles, 1,250 units of The James were produced, which were sold at £0.5 per unit (a total of £625).

The James is a by-product of the process, and in order to sell it a further £350 has to be spent on it (this expenditure covers such items as special packaging, further processing and sO On).

Required Calculate the gross profit for the period.